| My question wasn’t answered here. How can I contact The Mortgage Shop?top of page |
| You can reach us by phone in our offices between 8:00am and 9:00pm EST, Monday through Friday at 1-877-346-6327 |
| |
| Is The Mortgage Shop entirely an electronic firm? top of page |
| The Mortgage Shop is a brick and mortar company which has diversified to an electronic format to better service the needs of it’s customers. The
parent company of The Mortgage Shop, has closed over 3 billion dollars of home loans. The Mortgage Shop is a licensed lender in over 40 states. |
| |
| Who is The Mortgage Shop? top of page |
| The Mortgage Shop is a mortgage banker which is licensed in over 40 states. This means that we also act as the broker which helps us
lower your costs by eliminating the middle man. As mortgage bankers, we are able to offer the most competitive rates in the industry. We customize
loans specifically to fit your needs and offer both conforming and non-conforming loans. |
| |
| How much of a downpayment do I need? top of page |
| There is no set amount you need to put down. There are conforming programs that require as little as 3% down or non-conforming programs
that require no downpayment at all. The amount you put down could affect your interest rate. |
| |
| What if I do not have any established credit? top of page |
| The Mortgage Shop will work with you to obtain alternative credit such as using rental histories, utility bills and phone bills as
reference. We will find a loan for you based on the information you are able to provide. |
| |
| What if I had past credit problems like a bankruptcy or foreclosure? top of page |
| Past credit problems do affect the amount of money you can borrow. If you have re-established your credit after a bankruptcy or
foreclosure, you can qualify for a conforming loan or a non-conforming loan. If your bankruptcy has been recently discharged, The Mortgage Shop
has a program to fit your needs. |
| |
| How much of a loan can I qualify for? top of page |
| The amount of money you can borrow is dependent on the your income, assets, debts and credit history. To help you determine the
approximate amount you can borrow, go to the pre-qualification section. This will give you a guideline on how much financing you can obtain. |
| |
| How do I get started? top of page |
| It’s simple. Go to our home page and click on one of our three loan programs, Purchase, Refinance, or Second mortgage. Once you have
chosen the loan type you want, complete our online pre-qualification form and finally move to our application. If you need help, click on
either the Tools or Advisors link on the bottom bar of any page. |
| |
| Can I lock in a program and interest rate online? top of page |
| Yes. You can request a rate lock after you have returned your package to The Mortgage Shop and we have reviewed your
documentation and credit information. We will notify you via e-mail or telephone when you are able to request a lock. |
| |
| How quickly will my loan be approved? top of page |
| You will receive a response from The Mortgage Shop immediately after your application is submitted. Once your application is received,
you can expect to receive an answer within 24 hours. The time required to process your application will be related to the completeness of your
application. |
| |
| What is the cost to submit a loan application? top of page |
| Absolutely free to you, of course, you will be responsible for paying the loan processing and closing costs and any
other fees to The Mortgage Shop at the time of closing. |
| |
| After I am approved for a loan what should I expect? top of page |
| Once your loan application is approved, whether you applied online or by mail, you will get notification from The Mortgage Shop that
your loan is processing. Within 2 business days you will receive a loan package via U.S. mail with a set of loan documents for your signature. This mailing
will also include a list of documents we will need to complete your loan. |
| |
What kind of documentation will I need to provide to The Mortgage Shop for verification?
top of page |
| There is no single list of documents needed for all applicants but you should be prepared to provide copies of bank statements, W-2's or any
other pertinent document necessary to The Mortgage Shop. There are also programs that allow you to obtain a loan without any income verification. |
| |
| Where do I close? top of page |
| The closing normally takes place within 30 minutes of your home. The closing is usually at an attorney’s office or at a title company’s
office depending on where you live. |
| |
| When will I be ready to close my loan? top of page |
| Closing will be done once The Mortgage Shop has received the required documentation and our underwriter has signed off on the conditions.
This usually takes approximately 2-3 weeks. |
| |
| Can I apply for a purchase loan before I’ve found my home? top of page |
| Yes. When you apply for a purchase pre-approval you simply assume a maximum purchase price, loan amount, and loan program. Once your loan
has been approved you can change any of these variables to match the specifics of the house you have in mind. Please note that we cannot lock
in a loan until a property address has been specified. |
| |
| What advantages are there to refinancing? top of page |
| Refinancing your existing mortgage can help to lower your monthly payments, shorten the term of your mortgage, or get cash back for any reason. |
| |
| Can I borrow all of the equity in my home? top of page |
| Yes, you can borrow up to 100% of the equity in your home. You can use this money to pay off debts, for home improvements, or
anything you need. |
| |
| Is it safe to shop for a mortgage online? top of page |
| Yes. The Mortgage Shop uses the latest in encryption technology to ensure that your information is sent confidentially and
securely over the Internet, please see our security information page for more details. |
| |
| Does The Mortgage Shop share client information with other companies? top of page |
| Since The Mortgage Shop is a lender and does all of their processing in-house, there is no need for anyone other
than us to see or use your information. Your personal privacy and the security of your personal data are a primary concern of ours.
The Mortgage Shop believes that you should be aware of who we are, the types of information we may collect on our web site, and what we do with your
personal information. Our overall philosophy is straightforward. Under no circumstances will The Mortgage Shop sell or share any personal
information about you to or with any person or organization except to our authorized agents, or as may be required by law or court order. |
| |
| What happens
if I have lost my password? top of page |
| If you have lost your
password and have been
issued a Loan ID #,
please call one of our
customer representatives
at 718-932-7676
and they will
assist you. |
